Hello, the new rules of registered GEM trading are mainly reflected in the following aspects:

1. Increase the limit ratio of the growth enterprise market stocks and related funds from 1% to 2%.

2. There is no price limit for the first five trading days of listing of new shares on GEM, and a price stabilization mechanism is set up.

3. Introduce after-hours pricing trading.

investors can participate in GEM stock trading through bidding, after-hours pricing and block trading.

Different from other sectors in Shenzhen, GEM stocks have introduced after-hours pricing trading, which allows investors to buy and sell stocks at the closing price after the auction.

in the after-hours pricing trading stage, Shenzhen Stock Exchange takes the closing price of the day as the transaction price, and continuously matches the after-hours pricing trading declarations one by one according to the principle of time priority. After-hours pricing declaration where the buying limit is lower than the closing price or the selling limit is higher than the closing price is invalid.

When buying GEM stocks in after-hours pricing trading, the declared number shall be 1 shares or an integer multiple thereof, and the part with a balance of less than 1 shares at the time of selling shall be declared and sold at one time. The number of single declaration for after-hours pricing declaration shall not exceed 1 million shares.

from 9: 15 to 15: 5 every trading day, the after-hours pricing declaration is not included in the real-time market; From 15: 5 to 15: 3, after-hours pricing declaration and transaction are included in the real-time market.

4. The listed shares issued under the GEM registration system can be used as the target of two financings from the first trading day.

5. On the basis of a single declared number of 1 shares and its integral multiple, it is stipulated that the price limit shall not exceed 3, shares and the market price shall not exceed 15, shares.

6. Increase the price cage mechanism.

in the price limit declaration submitted in the continuous bidding stage, the declared buying price shall not be higher than 12% of the benchmark buying price, and the declared selling price shall not be lower than 98% of the benchmark selling price.

7. Temporary suspension mechanism.

if the price rises or falls by 3% or 6% for the first time compared with the opening price, the trading will be suspended for 1 minutes each.

8. Add special logo for GEM stocks.

after the implementation of the registration system of the growth enterprise market, some stocks have letters, such as "n", "c", "u", "w" and "v", and different letters represent different meanings.

N—— the first day of IPO and depositary receipts listing

C—— the next day to the fifth day after listing

u ——— the issuer has not yet made a profit; If the issuer makes a profit for the first time, the special logo will cancel the arrangement of

w-the issuer has different voting rights; If the issuer no longer has voting rights difference arrangement, the special logo will be cancelled

V-the issuer has agreement control structure or similar special arrangement; If there is no relevant arrangement after listing, the special logo will be cancelled

9. Adjust the disclosure index of transaction public information.

Growth Enterprise Market stocks with price limit

In the bidding transaction of Growth Enterprise Market stocks with price limit, under any of the following circumstances, the Shenzhen Stock Exchange respectively announces the names of the five securities business departments or marketing unit with the largest amount of buying and selling related stocks on that day and their respective buying and selling amounts:

(1) The top five stocks with a closing price of 15% on that day;

(2) the top five stocks whose price amplitude reached 3% on that day;

(3) The top five stocks with a turnover rate of 3% on that day.

compared with the original rules, there are three changes. First, the deviation value of the closing price is adjusted from 7% to 15%. Second, the price amplitude was adjusted from 15% to 3%; Third, the turnover rate index was adjusted from 2% to 3%.

GEM stocks with no price limit

On the first day of listing, the Shenzhen Stock Exchange announced the names of the sales offices or marketing unit of the five securities companies with the largest buying and selling amount on that day and their respective buying and selling amounts.

Note: The above content comes from shanghai securities news → webpage link

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